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Vehicle Interest Deduction

2025 Vehicle Loan Interest Tax Deduction

Recent federal legislation created a potential tax deduction of up to $10,000 for interest paid on certain new, U.S.-assembled passenger vehicles purchased for personal use.

Eligibility for this deduction is subject to several criteria. One key requirement is that the vehicle must have undergone final assembly in the United States. We strongly recommend consulting your tax advisor to determine whether you qualify.

To verify a vehicle’s final assembly location, you may use the NHTSA VIN Decoder. 

Tropical Financial Credit Union does not provide tax, legal ,or accounting advice. Please consult your tax advisor, tax attorney, or other qualified professional regarding how this information may apply to your individual tax return.

Requesting Your 2025 Vehicle Loan Interest Statement

If you would like to request your 2025 vehicle loan interest statement, please contact TFCU’s Loan Servicing Department during normal business hours at 954-517-7618.

You may also request your vehicle loan interest statement through Online Banking. Simply log in, click on Secure Messages, and create a new message by selecting the pencil icon. In the Recipient dropdown, choose Vehicle Interest Deduction Request.
Please be sure to include your loan number in the message and let us know whether you would like the form emailed or mailed to you.